Supermarket Income REIT said on Friday that it has decided to almost double the size of its share issue after receiving ‘a strong level of support’ from investors during the marketing roadshow.
As such, the UK landlord will now seek to raise between £100-£140 mln (€114-€158.8 mln) , up from £75 mln (€85.6 mln) earlier.
‘The decision to upsize has been made after careful consideration by the Board and reflects the possibility of acquiring additional assets,’ Supermarket Income REIT said in a statement.
Management at the REIT, which owns a portfolio of nine Tesco, Sainsbury’s and Morrisons supermarket stores, said earlier this month the funds would allow it to purchase two supermarket properties with a value of around £115 mln (€131.3 mln), with a further pipeline of assets having been identified with an approximate value of £180 mln (€205.5 mln).
The results of the issue are expected to be announced on 28 April and the new shares should begin trading at the end of the month.